VAN BUREN TOWNSHIP, Mich. – Visteon today announced that Don Stebbins stepped down as chairman, CEO and president of the company on Friday, Aug. 10.
The Visteon board has appointed current director Timothy Leuliette as interim board chairman, CEO and president. The board of directors will begin a search to identify candidates for the CEO and president position.
Speaking on behalf of the board of directors, Lead Independent Director Kevin Dowd said, "Don led Visteon through a significant transformation during a challenging time for the automotive industry and the company. Under his leadership, Visteon successfully completed a major global restructuring initiative. Thanks to Don’s leadership, Visteon today has a competitive financial, technological and geographic profile, as evidenced by customers awarding the company nearly $1.1 billion in new business in 2011."
Dowd continued, "We are fortunate to have someone of Tim’s caliber and experience to step in and lead Visteon on an interim basis. His experiences as a leader in the automotive industry, along with his Wall Street experience, give him a unique perspective on the global opportunities and challenges in this sector. This will be an orderly transition with Tim at the helm. Visteon will remain sharply focused on creating value for our shareholders, while continuing to provide customers with the high-quality products and services they have come to expect."
Leuliette has a strong background in the automotive industry and extensive experience and relationships in Asia. He has served as CEO or chief operating officer of major international auto suppliers. Until 2010, he served as president and CEO of automotive supplier DURA Automotive, leading that company to a successful recapitalization and sale after its emergence from restructuring. Prior to DURA, he served as co-chairman and co-CEO of Asahi Tec Corp., a Japanese publicly traded manufacturer of automotive parts, after the company acquired Metaldyne Corp., a company he co-founded and where he served as chairman, CEO and president. He previously served as president and chief operating officer of Penske Corp., and is a past chairman of the board of the Detroit Branch of The Federal Reserve Bank of Chicago.
Leuliette has been a director of Visteon since 2010. Prior to this appointment, he served as chair of the organization and compensation committee, and was a member of both the audit committee and the finance and corporate strategy committee. He holds an MBA with distinction as well as a degree in mechanical engineering with distinction from the University of Michigan.
Stebbins joined Visteon in May 2005 as president and chief operating officer, and was named CEO in June 2008. He had served as chairman since Dec. 1, 2008.
Two New Directors Appointed
Visteon also announced the appointments of Francis Scricco and David Treadwell to the board of directors, increasing the board’s membership from seven to eight.
Scricco was senior vice president, manufacturing, logistics and procurement, for Avaya Inc., a global business communications provider, until his retirement in October 2008. Treadwell is chairman of C&D Technologies Inc., a producer and marketer of electrical power storage and conversion products, a position he has held since April 2012.
